In Singapore, the average occupancy rate for CDLHT’s hotels improved by 14.2 percentage points (ppts) to 82.1%.
The average daily rate (ADR) fell by 3.6% y-o-y to $250. Revenue per available room (RevPAR) increased by 16.6% y-o-y to $205.
Excluding the out-of-order rooms at Grand Copthorne Waterfront Hotel for renovation works in the 1QFY2023 and at Studio M Hotel in 1QFY2024, occupancy would have been at 83.0%. RevPAR would have been at $208.
RevPAR in New Zealand rose by 0.8% y-o-y to NZ$166 while RevPAR in Australia grew by 6.4% y-o-y to A$130. RevPAR in Japan surged by 32.6% y-o-y to JPY10,014 while the Maldives saw RevPAR improve by 11.8% y-o-y to US$517. In the UK, RevPAR grew by 0.5% y-o-y to GBP104. RevPAR in Germany rose by 8.6% y-o-y to EUR65 while RevPAR in Italy was up by 27.5% y-o-y to EUR144.
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According to the managers, the RevPAR growth across its markets were largely driven by increased occupancies.
As at March 31, gearing stood at 37.8%. The REIT’s interest coverage ratio as at the same period stood at 2.73 times.
Looking ahead, CDLHT sees the amount of inbound visitor arrivals in Singapore as “promising” for its portfolio. The performance of its overseas properties is also expected to remain bolstered by the broad recovery in international tourism.
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“While lagging behind conspicuously, the eventual widespread return of the Chinese visitors will be a key determinant of the recovery trajectory,” say the managers in their April 30 statement.
Units in CDLHT closed 1 cent higher or 1.04% up at 97.5 cents on April 29.